• LIC Jeevan Sugam Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Jeevan Sugam by Life Insurance Corporation of India is a non-participating, single premium, traditional endowment plan with no bonus facility. The risk cover offered to customers will be in multiples of premium payments made by the customer, and the Maturity Sum Assured selected by the customer will be paid out upon maturity. The policy is usually available for no longer than 45 days after the date on which it was launched.

    Eligibility Criteria for LIC Jeevan Sugam

    Minimum Entry Age 8 years
    Maximum Entry Age 45 years
    Maximum Age at Maturity 55 years

    Key Features of LIC Jeevan Sugam

    Plan Type Non-participating and single premium endowment plan
    Plan Basis Individual
    Death Sum Assured 10 x Single Premium
    Maturity Sum Assured Minimum: Rs.60,000 Maximum: No Limit
    Premium Payment Term Single
    Policy Term 10 years
    Single Premium Minimum: Rs.32,058 Maximum: No Limit

    Premium Rates

    Sample premium rates (not including Service Tax) for different age groups per Rs.1000 Maturity Sum Assured:

    Age at Entry Single Premium Rates
    10 years Rs.537.75
    20 years Rs.552.90
    30 years Rs.562.65
    40 years Rs.629.35

    Benefits and Added Features of LIC Jeevan Sugam

    High Maturity Sum Assured Benefit: The Maturity Sum Assured will increase as an incentive for high Maturity Sum Assured amounts selected by the customer. For amounts between Rs.1.5 lacs and Rs.4 lacs, the increase will be 3.50% of the Maturity Sum Assured. For amounts in excess of Rs.4 lacs, the increase will be 4.50% of the Maturity Sum Assured. For instance, if the Maturity Sum Assured is Rs.2 lacs, the Maturity Sum Assured claimable by the customer at the time of maturity will be Rs.2 lacs x 3.5% = Rs.2,07,000.

    Maturity Benefit: If the policyholder survives until the maturity of the policy, he / she will receive the maturity benefit (Maturity Sum Assured + Loyalty Additions) and the policy will then be terminated.

    Death Benefit: If the Life Assured expires within the initial five years of the beginning of the policy term, the nominees will receive the death benefit (Death Sum Assured) after which the policy will be terminated. In case of death of the Life Assured after the first five years since the beginning of the policy, but within the policy term, the nominee can claim the Death Sum Assured along with Loyalty Additions as death benefit.

    Tax Benefit: Customers who purchase LIC Jeevan Sugam are eligible to claim tax deductions to the extent of Rs.1 lac per annum under Section 80C of the Income Tax Act. Also, if terms and conditions are fulfilled, Maturity Proceeds will be treated as tax-free income under Section 10(10)D of the Income Tax Act.

    Surrender Value: Customers can surrender the LIC Jeevan Sugam policy for cash and qualify for the minimum Guaranteed Surrender Value as follows:

    • 70% of the Single Premium not including extra premiums, if any, during the first year.
    • 90% of the Single Premium not including extra premiums, if any, starting from the second year to the last year of the policy term.

    Special Surrender Value may be paid by the company on the date of surrender but only if the Special Surrender Value is more than the Guaranteed Surrender Value. The discounted value of the Maturity Sum Assured as on the date on which the policy was surrendered will be the Special Surrender Value. Customers will qualify for Loyalty Additions if they surrender the policy during the final policy year.

    Loan: Customers can avail a loan to the extent of 60% of the surrender value of the policy as on the date on which the loan was granted.

    Cooling-Off Period: In case customers are not content with the plan's terms and conditions, they have the option to return the same to the company within 15 days from the date on which they received the policy. The reasons for termination of the policy must be stated and presented to the LIC of India, after which it will terminate the policy and return the premium payment made by the customer after allowing for deductions such as risk premium, stamp duty, and other expenses incurred.

    How does this Plan Work?

    Since LIC Jeevan Sugam is a single premium plan, the premium must be paid upfront at the start of the policy tenure. The term of the policy is fixed at 10 years, and Loyalty Additions are also available. In case of the Life Assured's death during the policy term, the company will pay out the death benefit to the nominee. The amount that can be claimed by the nominee will be 10x the Single Premium paid by the policyholder. In case the policyholder survives until the maturity of the plan, he / she will receive the Maturity Sum Assured as the maturity benefit. Depending upon the Maturity Sum Assured selected by the policyholder, the calculation of premium will be done based on the Life Assured's age at the start of the policy term. The policy will be terminated after the death / maturity benefit has been paid out to the eligible individual.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    LIC Jeevan Sugam Plan Reviews

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Trusted Policy"
      0.5 3.0/5 "Satisfactory"
      I do online payment for this LIC policy. Good life secured policy. I found LIC is trustworthy to invest. I've been holding this policy more than 8 years. Risk coverage policy. Accidental and death benefitable policy. I used to pay the premium of Rs. 5000 every month. Its a life time policy. After 60 years it will get matured. I will get a sum assured amount of Rs. 10 lakhs
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I am using the life insurance policy from the LIC for which I am paying a premium of almost 1 lac. Their services are good and never faced any issues so far. The payment options are also nice with the LIC. Being a Govt company the security for investment is certainly there with the LIC,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the LIC Bharti Jeevan Policy for a while. I pay a premium of 21000 per year. I make payments Via Cheque.. The service is good. No issues so far. The tenure of the policy is 15 years. Overall it has been a hassle free experience with the LIC and their services.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying the premium 11000, per year. The service good. It is so easy to make payments for this policy. I never faced any issues with their services. Being a govt company the security for my investment is guaranteed with the LIC.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Jeevan Tarang Policy for a while. It is take for my children. The tenure of the policy is 18 years. It can also be converted to a pension scheme where my children will be getting 28000 per year as a part of the plan. It is a useful policy and recommendable.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Bhima Gold Money back policy for a while now. I will get cash back every 5 years via DD. I pay a premium of 700 monthly for this policy. It is a very useful policy considering the low premium I pay. Overall it has been a good experience with the LIC and their services.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a Jeevan Anand policy with the LIC. I am paying the premium of 500 per month. It is too easy to make payments and I never faced any issues with their services. Being a govt company the security is there with the LIC Overall it has been a good experience .
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Better policy to use"
      0.5 5.0/5 "Blown Away!"
      I got the life insurance policy long back. This policy has the tenure of 20years. The plan benefits and the coverage is good with this policy . I would say i am satisfied having the Life insurance policy with Life Insurance Corporation of India.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Wonderful"
      0.5 3.5/5 "Pretty good"
      I am having the life insurance policy with the LIC of India. I would like to say that the customer service is good one and the response is better one too. Policy coverage value is good too with them. I am happy with the LIC of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Excellent"
      0.5 4.5/5 "Excellent!"
      I am having the Life Insurance policy with the Life Insurance Corporation of India. I would like to say that the customer service is also very good too and the response is good too. Coverage value is fine one too with the LIC of India.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.5/5 "Excellent!"
      Customer service is not experience with the Life Insurance Corporation of India, Policy coverage is good and I have taken two policy with the Life Insurance Corporation of India. Everything is better one with them till now.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "LIC is a very good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken this LIC Jeevan Tarang policy 10 years before. I don't remember about the plans and benefits. I'm paying the premium amount of rs. 10000 six months once. I will come to know about the benefits when the maturity arrives. Total tenure of the policy is 12 years. Sum assured amount is 8 lakhs. Death benefits, Risk coverage and Accidental benefits are available. I used to make the payment through cash. My brother working as LIC agent and he suggested this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance from LIFE INSURANCE CORPORATION OF INDIA and the yearly premium is 30000. The total maturity period is for 20 years. After the maturity period i will get the sum assured and the interest. I mostly do cash payment.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 14 years and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 3 months by cash and i am convenient with the payment options. The maturity period for this policy is after 23 years.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India. I would like to say that the customer service is fine one for me and the response is also good, also its not necessary. Plan benefits are less with them.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I took this life insurance jeevan policy from Lic insurance company mainly because of the good returns. The tenure period is 20 where the policy covers till 60 years . Am doing my payment yearly through on-line banking this policy covers accidental benefits and critical illnesses .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I took life insurance jeevan policy from Lic insurance company mainly because of the good returns, its 20 years of tenure period , the payment am doing through on-line monthly . There customer service and customer response is good .This policy covers accidental and critical illness coverage .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken life insurance Money back policy from Life insurance Corporation of India. Am satisfied with the premium amount of Rs 7000 which has the tenure period of 20 years . There customer service and response is good. Overall am satisfied with the policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the LIC. It offers Accidental and Life coverage in one policy . I pay a premium of Premium 4900 per year. I make payments via Cheque and online LIC website. I never faced any issue with the policy so far. Overall ti has been a good experience with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 18, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've an insurance policy with the LIC. I make payments via the LIC website . I also got loans out of the policy for 60000 and the whole process of loan application was quick and got the loan amount with in 3 working days. Overall it has been a smooth experience with the LIC policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 18, 2018
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